Goldman's O'Neill: The Real Meaning of Cyprus

Jim O'Neill writes that the banking crisis could help the Russians, plus he sees a bit of good news around the globe.

So how can it be that a $22 billion economy can be the dominant global topic for conversation for a full week? I am fond of saying that China (at least in 2011) was creating the equivalent of another Greece every 12½ weeks. China creates another Cyprus every week. If Cypriot banks reopen next Monday, in the time they have been shut China has created another Cypriot economy. Cyprus has now, in my view, become the epicenter of a number of major strategic issues. I can think of at least four (but there are probably more): First, the European monetary union (EMU), in effect, continues to be a union of 17 countries that...